Weekly Cryptocurrency Market Analysis: Altcoins That Fall Due To Lack Of Demand At Higher Levels

The underperforming cryptocurrencies are currently trending lower after selling pressure at their respective highs. Altcoins that fall below the moving average lines are at risk of further declines.

Conversely, altcoins that fall between the moving average lines could remain range-bound for a few more days. We will discuss a few of these cryptocurrencies.

Aerodrome Finance

Aerodrome Finance (AERO) is bearish after the previous rally ended at a high of $1.48. In the last rally, the altcoin recovered from a low of $0.40. Today, AERO has started to sell off as it approaches the moving average lines and the low of $1.52. 
If the bears break the moving average lines, the cryptocurrency will fall back to its previous bottom. The altcoin will return to the previous low of $0.40, which was the lowest price level. 

However, the altcoin would welcome a retracement and find support above the moving average lines. AERO is the worst performing cryptocurrency.

The current price is $1.05

Market capitalization: $701,925,962.95

Trading volume:  36,381,852.31

7-day loss percentage: 19.84%

MANTRA

MANTRA (OM) is in an uptrend with a pattern of higher highs and higher lows. However, it has fallen below the moving average lines after encountering resistance at $1.62. The decline was halted by the 50-day SMA. OM is trading above the 50-day SMA support but below the 21-day SMA resistance. The altcoin starts to trend up when the moving average lines are broken. Today, OM is moving higher and if the bulls break the 21-day SMA barrier, the altcoin will resume its uptrend. The altcoin will rise and retest the $1.60 hurdle.

But if the bears breach below the 50-day SMA, the altcoin would fall even more. It will fall to the next support level, $1.20. 

The current price: $1.28

Market capitalization:  $1,086,712,672.76

Trading volume: $32,569,110.87

7-day loss: 18.39%

Mog Coin

Mog Coin (MOG) is trading sideways after reaching resistance at $0.000002400. The altcoin has bounced off $0.000000800 and below resistance. Today, MOG has crashed and is trapped between the moving average lines. The trend starts after breaking the 50-day SMA support and the 21-day SMA resistance. Currently, MOG is oscillating between the moving average lines. The altcoin will reach its previous high of $0.000002400 once it breaks above the 21-day SMA level.

MOG is the third worst-performing coin, according to these measures.

The current price:  $0.000001739

Market Capitalization: $0.051739

Trading Volume: $48,667,263.84

7–day loss: 10.31%

Bittensor

Bittensor (TAO) is in a sideways trend after falling sharply below the $600 support but is now approaching a resistance level. TAO has been fluctuating between $200 and $600 since April 8. Buyers were unable to sustain the positive momentum above the $600 high, which led to the decline. TAO has slipped within the moving averages. The altcoin is trading above the 50-day SMA support but below the 21-day SMA resistance.

The altcoin is rising above the 50-day SMA support, aiming to return to its prior high. The altcoin will plummet if the bears break through the 50-day SMA support.

The current price: $504.66

Market Capitalization:  $3,723,742,921.37

Trading Volume: $193,904,421.56

7–day loss: 8.40% 

ORDI

The ORDI (ORDI) price is in a downtrend and has continued to fall after reaching twice the barrier at $40. As the altcoin falls below the moving average lines, it can continue to plummet or it may drop to its prior low of $24. 

Since the August 5 price drop ORDI was traded in the $20 to $40 range. The cryptocurrency is currently trading near the midpoint of its range. ORDI is the fifth-lowest performing cryptocurrency. 

The current price: $31.71

Market Capitalization: $666,048,618.16

Trading Volume:  $132,034,174.20

7–day loss: 8.03% 

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.